Financial Accounting/Financial Statements/Qualitative Characteristics

Following are the qualitative characteristics of financial statements, as defined by the Framework of IAS/IFRS:

1. Understandibility
2. Relevance
   1. Materiality
   2. Timeliness
3. Reliability
   1. Faithful representation
   2. Substance over form
   3. Neutrality
   4. Prudence
   5. Completeness
4. Comparability

See also

• Elements of financial statements

Further reading

• IASB. International Financial Reporting Standard

External links

• Official website of International Accounting Standard Board
• Interpretations of IAS and IFRS